ArmInfo.Armenia's ranking decreased by 0.2 percentage points over the year in the Index of Economic Freedom by The Heritage Foundation and The Wall Street Journal.
According to the source, Armenia's economic freedom score is 64.9, making its economy the 47th freest in the 2024 Index of Economic Freedom. Its rating has decreased by 0.2 point from last year, and Armenia is ranked 26th out of 44 countries in the Europe region. The country's economic freedom score is higher than the world average and lower than the regional average. Armenia's economy is considered "moderately free" according to the 2024 Index.
The overall regulatory framework remains efficient, and policies that support open markets are in place. Armenia performs relatively well in many of the four pillars of economic freedom, but the foundations of economic freedom are not strongly sustained by an independent judiciary. Lingering corruption undermines opportunities for more vibrant economic development. Russia is Armenia's principal export market. Armenia joined Russia's Eurasian Economic Union in 2015 and signed a Comprehensive and Enhanced Partnership Agreement with the European Union in 2017.
Notably, Armenia's ranking in the index started to rise in 2018 and 2019 to 71.9, but then rolled down and dropped to 65.3 in 2022 and 65.1 in 2023.
The economic freedom index is an annual index and ranking system published by the Wall Street Journal and a conservative think tank (The Heritage Foundation) that ranks 183 countries.
